Mallorcan property sales surge 25pc

Mallorcan property sales have risen by roughly one-quarter in the past year, according to Engel & Völkers.

The estate agency, which has 16 offices around the island, has reported a "record year", with real estate deals totalling €300 million, up 25 per cent compared to 2014.

A further surge of sales is also expected over the festive period as potential buyers return to seal the deal on a property they saw this summer.

"Prices are starting to creep up for top locations by 10-15 per cent and foreign buyers are fuelling the market in Mallorca to the tune of 921 Million Euros," notes the agency.

Hot spots have been either coastal locations, such as Puerto Andratx, Son Vida, the exclusive residential estate (where E&V has doubled sales this year).

A boom in the island's capital along the Paseo Marítimo, the bohemian market area of Santa Catalina, Old Town Palma and the old fishing port of Portixol, has led to an increase in square metre values by approximately 10 per cent, especially for property with outside space and views. 

Inland, in Mallorca's rural areas, sales have increased by 50 per cent in 2015 and some of the most expensive properties sold on the island have been in this region.

"Buyers are looking for luxury estates with lots of land that offer privacy and space with views across the Sierra Tramuntana Mountains," comments the agency.

Foreign buyers are mostly German speaking, or from the UK and Scandinavia.

Hans Lenz, spokesperson for Engel & Völkers Mallorca, comments: "As a group Engel & Völkers Mallorca envisages continued interest for property from overseas in 2016 fuelled by strong currencies outside of the Euro, the increasing appeal of the island and the desire to own a place in the sun that is safe, secure and easily accessible."